# In the matter of Onex Natura Pvt. Ltd. C.P. (I.B) No. 92-7-NCLT-AHM-2017

> NCLT judgment dated 2017-09-20. Citation: TCN-2017-NCLT-00390. Engenious Engineering Private Limited filed an application under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 20 Sept 2017
- **Citation:** TCN-2017-NCLT-00390
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/onex-natura-pvt-ltd-cp-ib-no-92-7-nclt-ahm-2017-ffab071f

## Summary

### Background

Engenious Engineering Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Onaex Natura Private Limited, categorizing it as 'Corporate Debtor'. The application stems from a dispute over the allotment of shares and an alleged unsecured loan. Previously, two shareholders of Onaex Natura Private Limited had filed a Company Petition against Onaex Natura, alleging oppression and mismanagement. In that petition, Engenious Engineering was added as a respondent. The Company Law Board disposed of the petition, setting aside an increase in authorized share capital and cancelling the allotment of 5,25,000 shares to Engenious Engineering. Engenious Engineering

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## Facts

Engenious Engineering Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Onaex Natura Private Limited, claiming to be a financial creditor. The claim arises from a prior dispute where two shareholders of Onaex Natura filed a Company Petition alleging oppression and mismanagement. Engenious Engineering was added as a respondent in that petition. The Company Law Board (CLB) disposed of the petition, setting aside an increase in Onaex Natura's authorized share capital and cancelling the allotment of 5,25,000 shares to Engenious Engineering. Engenious Engineering claims it invested in Onaex Natura through share capital, but the allotment was cancelled by the

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## Issues and analysis

### Issue 1: Whether the amount claimed by the Applicant from the Respondent Company is a 'financial debt' or …

**Ratio:** A 'Financial Debt' is defined in Section 5(8)

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**Reasoning:** The amount claimed by the Applicant is for allotment of shares of the Respondent Company.

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**Interpretation:** The court interprets the definition of 'financial debt' under Section 5(8) of

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**Application:** The court applies the definition of 'financial debt' to the specific facts of

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## Parties

- **Judges:** BIKKI RAVEENDRA…
- **Appellants:** Engenious…
- **Respondents:** Onex Natura Pvt.…

## Timeline

- **2011-01-01 — Company Petiti…**: Two shareholders of Onaex Natura Private Limited filed Company Petition No. 51 of 2011…
- **2013-03-14 — Company Petition…**: The Company Law Board disposed of the Company Petition by order dated 14.3.2013, setting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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